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MSS
MSS
MSS - Marshalls - Change Statement, Audited Abridged Results and Notice of
Annual General Meeting
Marshalls Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002656/06)
Share code: MSS
ISIN number: ZAE000066684
("Marshalls" or "the company")
CHANGE STATEMENT, AUDITED ABRIDGED REPORT AND NOTICE OF ANNUAL GENERAL MEETING
1. CHANGE STATEMENT
Shareholders are advised that the Annual Report, which contains the annual
financial statements for the year ended 31 December 2006, will be posted to
shareholders on 7 March 2007 and contains certain modifications as indicated to
the provisional report which was published on 9 February 2007.
2. AUDITED ABRIDGED REPORT
INCOME STATEMENT
Audited
31.12.2006 Audited
R`000 31.12.2005
R`000
Confirming fees and interest
443 658
Investment income
548 449
Rental and parking income
15,866 16,767
Cash flows inherent in leases and
supplies 15,956 16,868
Lease smoothing effect
(90) (101)
Revenue
16,857 17,874
Operating profit before interest
6,496 5,512
Interest received
445 289
Interest expense
(2,323) (3,111)
Operating profit after interest
4,618 2,690
Unrealised surplus on revaluation of
investment properties 24,959 8,836
Realised net surplus/(loss) on
disposal of listed investments (1) 586 96
Realised net surplus on disposal of
investment properties - 1,617
Cost of capital restructure
- (234)
Profit before taxation
(2) 30,163 13,005
Taxation
3,460 2,484
Profit for the year
(3) 26,703 10,521
Earnings per share (cents)
(4) 153.7* 60.6
Headline earnings per share (cents)
(5) 16.8* 9.0
Dividends per share (cents)
13.5 12.0
Dividend cover (times)
2.0 1.3
Shares in issue
17,372,300 17,372,300
Net asset value per share (cents)
654 476
Headline earnings calculation net of
taxation
Profit for the year
(6) 26,703* 10,521
Unrealised surplus on revaluation of
investment properties (23,282) (7,754)
Realised net (surplus)/loss on
disposal of listed investments (7) (510)* (81)
Realised net surplus on disposal of
investment properties - (1,349)
Cost of capital restructure
- 234
Headline earnings for the year
(8) 2,911* 1,571
ABRIDGED BALANCE SHEET
Investment properties
104,007 71,667
Listed investments
25,783 18,203
Property, plant and equipment
3,192 3,242
Non current portion of amortised
lease receivables 378 453
Available for sale assets
- 6,729
Current assets
3,639 5,902
Bank and cash balances
7,255 3,248
Total assets
144,254 109,444
Equity and reserves
113,608 82,684
Interest bearing borrowings
17,161 18,589
Deferred taxation
3,966 1,415
Current liabilities
3,441 3,012
Bank overdraft and short term
borrowings 6,078 3,744
Total equity & liabilities
144,254 109,444
STATEMENT OF CHANGES IN EQUITY
Stated capital
26,809 26,809
Non-distributable reserves
60,787 36,782
Balance at beginning of year
36,782 28,872
As previously reported
36,782 29,336
Lease smoothing effect
- (464)
Transfer from distributable reserves
23,398 7,333
Transfer to distributable reserves
(86) -
Currency translation movement
693 577
Distributable reserves
26,012 19,093
Balance at beginning of year
19,093 15,415
As previously reported
19,093 15,073
Lease smoothing effect
- 342
Profit for the year
(9) 26,703* 10,521
Transfer of unrealised surplus on (23,398) (5,984)
property revaluations to non-
distributable reserves
Transfer from non-distributable
reserves 86 -
Transfer of net surplus on disposal
of investment properties - (1,349)
Unrealised surplus on revaluation of
listed investments (10) 5,873* 2,575
Dividends paid
(2,345) (2,085)
Total equity and reserves at the end
of the year 113,608 82,684
SUMMARISED CASH FLOW STATEMENT
Cash inflow / (outflow) from
operating activities (11) 10,178* 5,243
Net interest and taxation paid
(4,174) (3,388)
Operating cash inflow / (outflow)
(12) 6,004* 1,855
Dividends paid
(2,345) (2,085)
Net cash inflow / (outflow) from
operating activities (13) 3,659* (230)
Net cash inflow / (outflow) from (1,985)* (2,700)
investing and financing activities (14)
Net cash inflow / (outflow) for the
year 1,674 (2,930)
SEGMENTAL ANALYSIS
Revenue
Properties division
15,866 16,767
Confirming division
443 658
Investment division
548 449
16,857 17,874
Operating profit before interest
Properties division
5,893 4,836
Confirming division
83 439
Investment division
520 237
6,496 5,512
3. NOTES TO MODIFICATIONS
The changes relate to the treatment of the surplus on disposal of investments
that do not affect the cash flow, but have a net change being approximately
R587,000. The line items that have changed are as follows, expressed in ZAR
000`s:
Reference Line Item Previous Modified
(1) 586
(1) Realised net surplus/(loss) on
disposal of listed investments
(2) Profit before taxation 29,576 30,163
(3)(6)(9) Profit for the year 26,116 26,703
(4) Earnings per share (cents) 150.3 153.7
(5) Headline earnings per share (cents) 16.3 16.8
(7) Realised net (surplus)/loss on 1 (510)
disposal of listed investments
(8) Headline earnings for the year 2,834 2,911
(10) Unrealised surplus on revaluation of 6,460 5,873
listed investments
(11) A restatement for the treatment of 9,768 10,178
(12) accrued interest on a bond resulted 5,594 6,004
(13) in a change to cash flows from 3,249 3,659
(14) operating activities and investing (1,575) (1,985)
and financing activities of
approximately R410,000. This
restatement had no effect on the net
cash flow for the year reported on
4. NOTICE OF THE ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of Marshalls shareholders
will be held in the Boardroom at the offices of Marshalls, 11 Sunbury Park, La
Lucia Ridge Office Estate, La Lucia, Durban at 09:00 on Monday, 7 May 2007 to
transact the business as stated in the Notice of the Annual General Meeting,
included as part of the Annual Report released today.
Johannesburg
7 March 2007
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
Date: 07/03/2007 08:39:56 Produced by the JSE SENS Department.
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